Binance CEO CZ will live in the UAE while he awaits sentencing

Changpeng Zhao, also known as CZ, the founder of Binance, has been granted permission to remain in the United Arab Emirates (UAE) while awaiting sentencing next year.

This comes after Zhao pleaded guilty to violating US anti-money laundering laws, resulting in a $4.3 billion settlement and his subsequent resignation from Binance.

BitMEX Research shared details of the court proceedings in a tweet, providing insight into the factors that led to CZ’s temporary residence in the UAE.

Zhao expressed a desire to accept responsibility for the charges in his court statement, emphasizing his clean record and lack of previous legal entanglements.

He went on to say, “I want to close the issue and take responsibility to close this chapter in my life.” Despite his initial reservations about the legal process, CZ praised the court for providing thorough explanations and reassurances.

During the court discussion, Zhao admitted his initial fear, saying, “Before I came, I was a little bit scared.” When you travel to a new country, you never know what will happen.” He did, however, express gratitude for the court’s transparency and guidance.

CZ, most importantly, reaffirmed his unequivocal commitment to fully comply with the case until his sentencing date.

Although the court acknowledged that the case was closed, it ultimately granted Zhao permission to stay in the UAE, citing the good faith demonstrated through voluntary US appearances.

The court issued specific instructions outlining the importance of maintaining a designated residence and promptly notifying his legal team of any changes.